The Week in Crypto – Coinbase, Asia, and Sam Bankman-Fried

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This week in the crypto world we saw Sam Bankman-Fried charged over his political donations, the East open up to crypto, and Coinbase launch its own blockchain.

Are you asking? Then we’re dancing.

Sam Bankman-Fried Hit With Charges Over Donations

Sam Bankman-Fried just can’t catch a break…which upsets literally no one. This week the former FTX CEO was hit with a stack of new charges relating to his well known political donations, with federal prosecutors accusing him of making them using corporate funds, which allowed him to evade limits on individual contributions to candidates.

In total, a grand jury indicted Bankman-Fried on four fraud charges and eight conspiracy charges, potentially adding more years to his inevitable prison stay.

Aah, shame.

East Wind to Lift Crypto

In a turn of events that hardly anyone foresaw, it seems that the East could play a huge part in the next crypto bull run. That’s according to Cameron Winklevoss, and he has evidence – Hong Kong, which of course is controlled by China, is paving the way for crypto adoption with a rash of regulatory changes aimed at opening up crypto trading to the masses.

Given the fact that the West is by and large doing the exact opposite, it’s hardly rocket science to think that momentum will start to swing towards Asia.

Coinbase Launches ‘Base’ L2 Blockchian

Coinbase this week announced the launch of Base, a Layer 2 blockchain built on Ethereum’s Optimism scaling solution that the company hopes will help onboard users to multiple blockchains.

Coinbase hopes to onboard one billion users into the crypto economy through Base, which will begin in a partially centralized manner and will “progressively decentralize” over time. There will be no new token with Base, which no doubt will upset the Securities and Exchange Commission (SEC) which would have been licking its lips at another potentially illegal sale of securities, although there will be NFTs given away.